Note
Transfer pounds to euros to buy a house in Spain
Quick answer
We print no rates and name no provider, because costs change. Compare the euros that would arrive for the same amount, from a bank and a payment firm. Send from an account in your name, keep records, and plan each payment ahead of its due date.
Applies toBuyers in the UK or with sterling savings who will pay in euros.
On this page: 11 sections
§ 1The route
A transfer from pounds to euros goes from your UK account, or from a firm that holds your pounds, to a Spanish account in euros. The conversion happens at your bank or at the firm. The cost is the fee plus the margin on the exchange rate. This page belongs to the chapter in transferring money in detail.
§ 2Compare the result
The fair test is how many euros arrive for a given number of pounds. Ask each provider for a quote for the same amount on the same day. Include all fees, including any charged by intermediary banks or the receiving bank. A provider that advertises a good rate and a high fee may cost more than one with a lower rate and no fee.
§ 3Authorisation
A payment firm should be authorised or registered to provide payment services in the country where it is based. Ask for the details and check them on the supervisor’s register. We do not name any firm or register here. If you cannot verify a firm, do not use it.
§ 4Timing
Transfers take time, especially the first, when the receiving bank may ask questions. Send a small test first. Plan the large transfers days before they are needed, and tell the notary and the lawyer when the money will arrive.
§ 5The paper trail
The Spanish bank and the notary will ask where the money came from. Send from an account in your own name, keep statements, and keep the transfer confirmations. More on currency exchange explains the exchange rate, and the chapter on paying without a mortgage explains the checks.
§ 6Staged payments
For a deposit and a balance months apart, the exchange rate can move between them. More on forward contracts explains forward contracts.
§ 7Sterling and a mortgage
If your income is in pounds and you borrow in euros, see the rates chapter on the choice of currency. The currency risk continues after the purchase.
§ 8Tax
Record the exchange rates on the dates of purchase, because they matter for UK tax on a later sale. The by-nationality section explains the points for British owners. Ask a UK adviser for yours.
§ 9Other currencies
If you also hold euros, dollars or another currency, the same method applies: compare the euros that arrive. Do not convert twice, for example pounds to dollars to euros, unless a quote shows it is cheaper.
§ 10Keep the record
Keep the quote and the confirmation for each transfer. Write down the question, the answer and the date, and keep the reply with your purchase file. Ask your lawyer to read anything that affects the amount or the timing, and do not rely on a verbal promise. If two sources disagree, ask for the official text and tell the person in writing which version you are relying on.
§ 11More on this topic
More on dollars to euros explains sending dollars to a Spanish account and more on banks or currency firms compares banks and currency firms by criteria.
FAQRelated questions
How do I compare providers?
Ask each for a quote for the same amount in pounds, and compare the euros that would arrive, after fees. Do it on the same day and in writing. The advertised rate alone is not enough.
Who regulates the firms?
Each payment firm answers to a supervisor in the country where it is based. Request its authorisation details and verify them on that supervisor’s own register. We list no firm and no register.
Can I send in stages?
Yes. Many buyers send the deposit first and the balance later. Convert each stage on its own plan, and consider whether to fix the rate for the later payment with a forward contract.
Financial note. No rate is printed unless it comes from a dated, official publication. Capital is at risk, exchange rates move, and no lender, broker or provider is recommended here. Mortgage terms are set by each lender; ask a registered intermediary about yours.